Alibaba Records 27% Increase In GMV For 11.11 Global Shopping Festival

(RTTNews) - Alibaba Group Holding Limited (BABA) Sunday said it generated 213.5 billion Chinese yuan or $30.8 billion of gross merchandise volume on November 11, 2018, an increase of 27% from last year.

"Today we witnessed the strength and rise of China's consumption economy and consumers' continued pursuit to upgrade their everyday lifestyles," said Daniel Zhang, CEO of Alibaba Group. "Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle."

The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness of the value in online shopping. Last year, over 140,000 brands and merchants participated in the global shopping event, with consumers spending 168.2 billion yuan during the 24-hour period.